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Bank of America Reports $4.1b Profit

Bank of America has reported a net profit of $4.07 billion for the three months to the end of September against a loss of $470 million a year earlier, according to BBC. It comes a year after the bank reached a $5.6 billion settlement with the US government over mortgage loans extended to US homebuyers before 2008. The bank’s non-interest income, which includes mortgage banking, equity and bond trading, rose 1.6% to $11.17billion. Residential mortgage lending at the bank rose 13% to $17billion in the quarter.